Kohl's Acquires 31 Mervyns Locations

Friday, Dec 12, 2008  |  Updated 8:42 AM CDT
View Comments (
)
|
Email
|
Print
Kohl's Acquires 31 Mervyns Locations

Holiday shoppers hit stores early looking for seasonal deals.

Kohl's Corporation prevailed in a joint bid with Forever 21, Inc. in an auction of leaseholds held Thursday for Mervyns sites.

Together, the retailers acquired 46 locations for approximately $6.25 million. Kohl's will assume 31 of the locations while Forever 21, Inc. will assume 15, pending approval by the court overseeing Mervyns bankruptcy proceedings.

"We are pleased with the results of the auction," said Kevin Mansell, president and CEO for Kohl's Department Stores. "With over 1,000 stores from coast to coast, these locations provide increased presence in under penetrated markets. We will continue to be opportunistic and prudent in our discussions with the owners of select Mervyns real estate as we continue to position Kohl's to grow market share."

In fiscal 2009, the company continues to expect to open approximately 50 stores, including the majority of the 31 former Mervyns locations.

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out